I-T Return Filing For 2012-13

Published on Tue, May 21,2013 | 10:00, Updated at Tue, May 21 at 18:25Source : Moneycontrol.com

By: Amarpal Chadha, Tax Partner, Ernst & Young

In line with the thought process of the Union Budget 2013, the newly notified Income tax return forms for 2012/13 seek to shrink the spores within the tax net, making income stream /asset disclosure and subsequent taxation a clear objective.

On 1 May 2013, the Central Board of Direct Taxes (CBDT) issued a Notification setting out the tax return forms, the disclosure requirements, and regulations relating to the filing of tax returns for 2012/13.

Broadly, the Notification provides certain reclassification of return forms for individuals/Hindu Undivided Family (HUF) taxpayers depending upon the presence of foreign assets and/or where taxpayer has claimed treaty relief/unilateral tax credit and/or where taxpayer has exempt income exceeding INR 5000. The notification also extends the mandatory electronic filing requirement to the taxpayers with taxable income exceeding INR 0.5 million (INR 1 million in 2011/12) or taxpayers claiming treaty relief/ unilateral tax credit.